From campaign trail promises to final enacted legislation, those of us in the energy community have been thrilled for the boost that the Inflation Reduction Act (IRA) has provided American business. As we look back on and celebrate the one-year anniversary of this landmark legislation, there are many milestones to acknowledge and many opportunities on the horizon. 

Unprecedented climate legislation is opening a vast array of opportunities for those in the cleantech space. The $369 billion dollars in federal funding is proving to be a gamechanger by delivering critical investments to climate tech developers and manufacturers. Companies are taking advantage of tax incentives and grants for solar, wind, and other renewable energy projects. Developments are moving even faster in e-mobility, where Americans now can now tap into a $7,500 credit to buy EVs. The law also requires that some manufacturing and assembly of EVs happens right here at home in the U.S. And as an important first, this law will dedicate between around $60 billion to environmental and climate justice efforts.

EPA Scopes have created a framework for a path forward on reducing emissions, and investors are following the lead. Investment areas are concentrated, for now, on Scopes 1 and 2. These scopes cover greenhouse gases (ghgs) from sources owned or controlled by a federal agency to ghgs resulting from generation of electricity, heat or steam purchased by a federal agency. Scope 3 is tackling ghgs from sources not owned or directly controlled by a federal agency but related to activities. This means transportation, business air travel, commuting, contracted solid waste and wastewater are covered.